The financial services Agency of Japan (FSA) has formally endorsed the self-regulation of the cryptocurrency industry Japan Association of cryptocurrency trading (JVCEA) 24th Oct.
Japanese regulator allowed JVCEA to regulate the execution of the cryptocurrency exchanges of the respective rules, according to an official statement from the 24th of October. Self-regulatory organization empowered to apply the measures in relation to those exchanges that do not follow strict safety regulations from the Japanese regulator. The representative of the financial services Agency of Japan (FSA) said:
“This is a very dynamic industry. Better if experts will create the rules in a more timely manner than can government officials”
Japanese Association of cryptocurrency trading (JVCEA), formed in March, 16-d was in Japanese FSA exchanges to create guidelines for the management of trade cryptopleurum and restore confidence to the industry after a major hacking on the Tokyo stock exchange Coincheck, stated that it filed in June an application for the status of an accredited organization was approved by the FSA, and new powers of self-regulatory organization in effect today:
“We have implemented self-regulatory rules on the same day and officially launched the all workflows… With accreditation, we will continue to work on creating industry that is trusted by everyone who uses a virtual currency”
Earlier this year she self-regulatory organization faced with the departure of the two Vice-presidents, who had decided to devote more time to his exchange, BitFlyer and Bitbank, are faced with new regulatory requirements.
Meanwhile, the cryptocurrency sector in Japan is actively developing: for example, yesterday it became known that the Japanese giant SBI Group in partnership with blockchain startup Sepior developing a digital wallet for the recently launched exchange VCTRADE.